Facebook Shares Down Less Than 1% After Missing Sales Expectations

Shares of Facebook fell less than 1% in after-hours trade Wednesday, after the social network company reported a first-quarter profit that beat expectations but missed on sales. Facebook reported a net income of $512 million, or 18 cents per share, up from $642 million, or 25 cents per share in the year-earlier period. Adjusted earnings per share were 42 cents, above the FactSet consensus of 41 cents. Facebook reported sales of $3.54 billion, below the FactSet consensus of $3.56 billion. It reported 1.44 billion monthly active user as of March 31, an increase of 13% year-over-year and an average of 936 million daily active users for March 2015, 17% higher year-over-year. Mobile advertising revenue made up 73% of its first quarter revenue.